PLI scheme deadline extended for Specialty Steel till June 30

New Delhi, May 31 (KNN) The central government has extended the last date to submit application to avail the production-lined incentive (PLI) scheme for specialty steel till June 30, 2022.

The notification was released on Monday which makes it’s the third extension since March 29, 2022 which was the initial last date for manufacturers to apply for the benefits under the PLI scheme for speciality steel. It was later extended till April 30 and again to May 31, 2022.

So far only 10 applications have been received from the players looking to invest under the Rs 6,322-crore scheme which was launched in July 2021.

It was circulated in the media last week that the government is considering extension of the last date to submit applications under the PLI scheme with a few modifications like no minimum investment cap and setting up minimum capacity for secondary players, a uniform incentive on the production of speciality steel, among others.

However, the latest extension has come without any modifications.

"...the undersigned is directed to convey... to further extend the last date for receipt of applications for the PLI scheme for specialty steel from 31.5.2022 to 30.6.2022. The application window will be kept open up to 30.6.2022," according to a steel ministry notification.

On July 22, 2021, the Union Cabinet chaired by Prime Minister Narendra Modi had approved Rs 6,322-crore PLI scheme to boost the production of speciality steel in the country.  (KNN Bureau)